The price of corn continues to soar as the weather forecast shows little sign rain will be coming in time to rescue the U.S. corn crop as it enters its key phase in many parts of the country.
Corn prices reached their highest price level in over a year as crops in the Midwest continue to shrivel up in the face of the lingering drought.
Traders shrugged off the boost in the value of the U.S. dollar, focusing instead upon the effects that the drought could have on corn, in face of one of the largest corn planting in the history of farmers in the United States.
Over the last couple of weeks the price of corn has soared by almost 30 percent, pulling up the price of soybean and wheat with it; as soybeans approach record price levels as a result.
Pollination time for much of the corn in the nation has started, and that is what determines what the yield of corn will be for the planting. From now on every day without significant rain is a loss in corn production.
On the Chicago Board of Trade December corn climbed 34 cents, or 5 percent, to $7.08-1/2 a bushel,
For new-crop contracts, they reached a contract high of $7.13 a bushel.
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